If you have ever heard the phrase “one man’s trash is another man’s treasure,” then you may want to meet Dylan Spencer and his brother, Adam. These two industrious brothers have turned this saying into a business model with their establishment, Solemates Sneakers and Vintage. The brothers own and operate this boutique where they buy, sell, and trade collectibles both in-store and online.
The Spencer brothers have mastered the art of treasure hunting in their own way. Their entrepreneurial adventure began in their high school days when they started collecting sneakers. They would often trawl the internet, observing the latest trends and noting what their favorite celebrities were wearing, particularly in footwear, influenced by their father’s fondness for shoes.
This initial interest has expanded into a thriving enterprise involving not just sneakers but other vintage collectibles, such as athletic clothing. With a lifetime’s worth of experience in the vintage career under their belts, the brothers decided to take their passion a step further by opening their retail store.
Solemates Sneakers and Vintage operates as a buy/sell/trade establishment, bearing similarities to a pawn shop. However, their specialization lies in shoes and clothing. Their customers have the freedom to sell their items or swap them for others in the store, allowing a constant circulation of unique and vintage items on their shelves.
While there’s always been a resell market for sneakers, the ability to recognize and capitalize on the right items is crucial. Dylan Spencer, one half of the sibling duo, acknowledges previous struggles with tight wholesale margins on shoes that made profits quite challenging. However, they have managed to transform these obstacles into a profitable business for three consecutive years.
Their offering doesn’t end at sneakers. The sibling entrepreneurs also deal with vintage and collectible clothes, providing a great complement to their core business. They have found that many people have clothes lying idle in their closets that they don’t wear anymore and could be attractive to others in the resell market.
In terms of what sells best at Solemates, Spencer pinnacle products are Nike Dunks and Adidas Yeezy Slides. Due to moderately high retail prices, these shoes become much more affordable in the aftermarket, giving consumers a chance to own high-quality shoes without breaking the bank.
Apart from exclusive sneakers such as Nike Jordan, Adidas Yeezy, New Balance, ASICS, Solemates is also home to vintage clothing. Ranging from Buffalo Bills and other sports apparel, Carhartt jackets and pants, 1990s Nike, old concert tees, Disney t-shirts and crewnecks, jerseys, and SnapBack hats, the brother-owned enterprise caters to a wide audience of vintage lovers.
Solemates also leverages the power of the internet to widen its customer base. Platforms like eBay offer an untapped market of diverse customers. Furthermore, social media have become an integral part of their marketing strategy, especially for online sales. Users can get a glimpse of available products, creating appeal and driving traffic to their sites.
As for growth, involvement in a business accelerator has contributed significantly to their growth. The brothers are enthusiastic about collaborating with their peers, learning from shared struggles and victories. They encourage and are inspired by others, striving to persistently learn from experiences.
Although their journey hasn’t been straightforward, the Spencer brothers prove that with passion and dedication, many things are possible. Their story serves as a motivation to everyone that they can carve their own path, finding happiness and fulfilment along the way. Furthermore, it underlines the belief that indeed, one person’s trash could turn out to be a treasure for another.
